1. Field of the Invention
The present invention relates to systems and methods for verification of electronic transactions, and in particular secure processing of personal identification numbers.
2. Related Art
Electronic payments for goods and services has become commonplace, and payment via a credit card or bank card/debit card is now widely available at many retail locations as well as at many virtual store locations on the internet. As the use of electronic payment grows, the need for secure verification by third party processors is also increasing. However, involving third party processors may involve the need to disclose secure cryptographic keys that may compromise control by the owning banking institution. While various approaches have been proposed for offering secure verification for electronic payments, these approaches may exhibit limitations, especially when third party processing is involved.
Accordingly, there is a need for an improved method and system for secure verification of electronic transactions and PIN processing.